Locog expects to break even after spending £2.4bn on the Olympics. Photograph: Laurence Griffiths/Getty Images

London 2012 organisers have said they remain "on track" to balance the books before the dissolution of the organising committee this year, although there may be no money left over for the British Olympic Association.

The cash-strapped BOA, which recently agreed a £2m deal with government to allow small businesses to use the rights to London 2012, would receive the first £5m of any surplus made by the London Organising Committee of the Olympic and Paralympic Games.

But Locog's annual report predicted that it would only break even, balancing the £2.4bn raised in commercial and ticket revenue with its expenditure. In addition, the organising committee confirmed it had spent £800m of public money on tasks that the government decided it was better placed to deliver.

The government and Locog have argued that it received money from the £9.3bn public sector funding package only for work that was beyond the scope of its original remit.

The accounts, for the 18 months to September 2012, showed that Locog had made an operating loss of £53m to that point but had deferred income of £78m. It said the balance would be used for other expenses involved in winding up the organisation, which ceases to exist in June 2014.

The accounts show that the Locog board was paid £2,172,992 in the 18-month period before the Games, made up of £1,842,805 in basic salaries and a £330,187 bonus for the chief executive, Paul Deighton, for delivery of a "successful Games".

Lord Deighton, who is now a Treasury minister with responsibility for driving infrastructure projects, earned a total of £1,049,992 over 18 months including a bonus.

In all, Deighton was awarded bonuses and incentives totalling £1.98m over the seven year period of his employment – a sum which he has said he will donate to charity. Locog's chairman, Lord Coe, was paid £535,500 over the 18-month period.

The BOA, now chaired by Coe, had indicated that the £5m windfall from any Locog surplus would help plug a hole in its accounts. It would have been due the first £5m of any surplus, with the next £2.5m going to the British Paralympic Association and any remaining profits to the government.

But Locog's accounts show that the surplus is far from guaranteed, leaving the BOA chief executive, Andy Hunt, under pressure to deliver on cost-cutting plans and overdue commercial deals.

Coe paid tribute to the "tireless" work of his Locog colleagues to deliver "the best possible conditions" for athletes and "an unforgettable experience for the public".

"Despite some monumental challenges, not least the weather leading up to the Games, we did all this whilst continuing to bear down on costs and raise our remaining revenue," he said.

"I am delighted to report that we were able to operate without utilising the contingency made available to us by Government and we remain on track to break even when we file our final accounts later this year."